Biden triples tariffs on steel and aluminum
USTR Rep: “China is destroying US industries”
Article 301 investigation imminent in maritime logistics and shipbuilding
US Treasury: “We will not rule out any action”
China: “The problem is the US politicizing overproduction”
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US Treasury Secretary Janet Yellen / Reuters Yonhap News
Senior economic officials in the Joe Biden administration are fiddling with the ‘high tariff card’ in response to China’s unfair trade practices. As competition over China policy among US politicians intensifies ahead of the presidential election in November this year, there is speculation that the ‘tariff war’ between the US and China could be reignited under the pretext of China’s overproduction and subsidy policy. huge.
According to Bloomberg News on the 17th (local time), President Biden is expected to visit Pittsburgh on this day and propose a plan to triple tariffs on Chinese steel and aluminum products from the current maximum of 7.5% to 25%. It also plans to launch an official investigation into China’s shipbuilding industry. Last year, Chinese steel and aluminum imports were about $1.7 billion. The news agency explained, “Officials assess that the aim of this announcement is to prevent an expected price surge and protect the US market.”
Previously, US Trade Representative (USTR) Catherine Tai appeared in a hearing before the Ways and Means Committee of the US House of Representatives on the 16th (local time) and said, “In response to China’s unfair trade practices, we are reviewing protection measures serious trade. , such as investigations and the imposition of tariffs under Article 301 of the Trade Act.” “We do it,” he said. “China’s unfair policies and practices have ruined many working communities and industries across the United States,” Tai said “Steel, aluminum, solar panels, batteries, electric vehicles and critical minerals are great examples.” “We have seen China create dependency and vulnerability in multiple industries, harming American workers and businesses and posing real threats to our supply chains,” he said “This is why we are looking seriously at how to solve this problem .”
Former President Donald Trump invoked Article 301 of the Trade Act in 2018 to impose high tariffs on hundreds of billions of dollars worth of Chinese imports, and the Biden administration has long been considering whether to renew these high tariffs . Representative Tai’s comments today can be interpreted as a sign that China’s unfair trade practices have become more serious and that the Biden administration will also seek strong trade response measures.
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Specifically, Rep. Housing noted that additional responses are imminent, saying, “We are closely reviewing the petition by the US labor community to conduct a new investigation based on Section 301 of the Trade Act regarding China’s unfair practices in the fields of maritime logistics and shipbuilding.” Previously, the five major labor unions, including the Steelworkers of the United States (PDC), submitted a petition demanding an investigation, saying, “The Chinese government is expanding market share by artificially lowering prices in the shipbuilding, maritime industries and logistics. “
Earlier, Treasury Secretary Janet Yellen visited China and warned that the overproduction of Chinese products in areas such as electric vehicles, solar panels and clean energy was “unacceptable” and said she was considering various countermeasures. In an interview with CNN the previous day, Secretary Yellen responded to the question, “Are you considering additional tariffs?” in response to the question, “I will not take any measures off the table,” but added, “I just want to manage the relationship between the United States and China stably.” Citing Chinese trade experts, Reuters analyzed “Secretary Yellen’s series of messages about overproduction could be the first step toward a new Section 301 investigation.”
Meanwhile, at the US-China economic and financial working group meeting held in Washington, DC on this day, the US Treasury specifically highlighted concerns about ‘overproduction from China’, Bloomberg News reported. In response, China objected, saying, “Politicizing overproduction and linking economic issues with security violates economic laws and undermines the stability of domestic industry and the global economy.”
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